“This is a game changer,” Liu said. “I applaud and thank our labor leaders and trustees for delivering a solid win for taxpayers and city workers alike.”

Bloomberg said the main features of the overhaul include “depoliticizing pension investments, further professionalization of management staff and the implementation of industry best practices.”

“Those reforms we think will make a big difference in the management of city pension assets,” Bloomberg said. “They’ll overhaul an antiquated pension management system that has needed restructuring for generations.”

“It’s going to generate additional returns which is better for taxpayers, it’s better for New York City firefighters,” Cassidy said. “We’re going to move it to the 21st century with a really professional pension investment system.”

Officials hope a more streamlined pension system will generate more returns and the city will get some relief.